The make and model of vehicle you are seeking coverage for is a large factor when trying to find the most affordable coverage for low mileage drivers. Vehicles with limited speed and performance, excellent safety ratings, or a track record of few liability claims will cost substantially less to insure than adrenaline junky models.
The next table estimates car insurance prices for a selection of the most cost-effective vehicles to insure.
|Vehicle Insured||Estimated Cost for Full Coverage|
|Hyundai Elantra GLS Touring Station Wagon||$1,713|
|Ford Escape Limited 4WD||$1,860|
|Honda CR-V EX 4WD||$1,916|
|Toyota RAV4 Limited 4WD||$2,022|
|Ford Edge SE 2WD||$2,052|
|Toyota Tacoma 4WD||$2,096|
|Jeep Wrangler Sahara 4WD 2-Dr||$2,102|
|Chevrolet Malibu LTZ||$2,170|
|Toyota Corolla XRS||$2,175|
|Ford F-150 Lariat Crew Cab Platinum 2WD||$2,170|
|Volkswagen Jetta 2.0T 4-Dr Sedan||$2,177|
|Chevrolet Impala LS||$2,173|
|Hyundai Sonata GLS 4-Dr Sedan||$2,181|
|Chevrolet Silverado 3500HD LT Crew Cab 2WD||$2,208|
|Chevrolet Silverado LT Extended Cab 4WD||$2,217|
|Ford Focus S 4-Dr Sedan||$2,234|
|Dodge Ram 3500 Crew Cab ST 2WD||$2,246|
|Ford Explorer Limited AWD||$2,261|
|Dodge Grand Caravan Crew||$2,335|
|Dodge Ram 2500 Crew Cab SLT 4WD||$2,358|
|Honda Odyssey Touring||$2,382|
|Jeep Grand Cherokee Limited 2WD||$2,387|
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Premium data assumes single male driver age 50, no speeding tickets, no at-fault accidents, $1,000 deductibles, and Kentucky minimum liability limits. Discounts applied include safe-driver, homeowner, multi-policy, multi-vehicle, and claim-free. Prices do not factor in specific location information which can revise premium rates significantly.
Based on these rates, you can assume that cars like the Hyundai Elantra, Ford Escape, Honda CR-V, and Toyota RAV4 should be the less-costly vehicles to insure for infrequent drivers.
Trying to find low-cost insurance is not easy, and finding out which companies offer the most affordable auto insurance rates for low mileage drivers will take even more shopping around.
Every insurance provider uses slightly different criteria for filing rates in each state, so let’s begin by examining the lowest cost auto insurance companies in Kentucky. It’s a good idea to know that Louisville auto insurance rates are calculated based on many things which can substantially decrease or increase the cost of your policy. Improving your financial situation, increasing liability limits, or getting a couple of tickets can trigger rate changes resulting in some rates now being much cheaper than others.
Cheapest Insurance Rates in Kentucky
Cincinnati Insurance generally has some of the most affordable car insurance rates in Louisville at around $1,126 a year. This is $1,017 less than the average policy premium paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual also are some of the cheapest Louisville, KY car insurance companies.
In the above example, if you are a customer of Kentucky Farm Bureau and switched to Cincinnati Insurance, you may realize an annual premium reduction of in the vicinity of $37. Kentucky drivers with USAA may save as much as $61 a year, and Auto-Owners policyholders might cut rates by $273 a year.
To find the cheapest coverage for you, click here to begin a quote or click several companies below for low rates.
Understand that those estimates are averaged across all insureds and vehicles and are not factoring in an exact zip code location for low mileage drivers. So the auto insurance company that fits you best may not even be in the top 21 companies shown above. That’s why you need to get rate quotes using your own personalized driver profile and vehicle information.
Picking a highly-rated car insurance provider can be challenging considering how many different companies sell coverage in Louisville. The information listed below may help you analyze which companies to look at purchasing coverage from. These rankings are only made up of companies that write coverage in many states, so companies that only write business in Kentucky or surrounding areas are not factored into these rankings.
Top 10 Major Auto Insurers in Louisville Ranked by A.M. Best Rating
- Travelers – A++
- USAA – A++
- GEICO – A++
- State Farm – A++
- Erie Insurance – A+
- Esurance – A+
- Progressive – A+
- Nationwide – A+
- The Hartford – A+
- Allstate – A+
Full coverage versus liability only rates
Paying a lower price for auto insurance is the goal of most vehicle owners, and a good way to buy cheaper insurance for low mileage drivers is to buy liability only. The diagram below compares premium costs with and without full coverage. The premiums are based on no claims, a clean driving record, $1,000 deductibles, drivers are single, and no discounts are applied to the premium.
If averaged for all ages, comprehensive and collision coverage on your policy costs $1,374 per year more than buying just liability insurance. Many people question if it’s a good idea to buy full coverage. There is no specific rule to exclude physical damage insurance, but there is a general guideline. If the annual cost of comprehensive and collision coverage is more than about 10% of replacement cost minus your deductible, then it could be time to drop full coverage.
For example, let’s assume your vehicle’s settlement value is $8,500 and you have $1,000 physical damage deductibles. If your vehicle is damaged in an accident, the most your company would pay you is $7,500 after paying the physical damage deductible. If premiums are more than $750 a year for full coverage, the it may be a good time to stop paying for full coverage.
There are a few situations where dropping full coverage is not a good idea. If you have an outstanding loan on your vehicle, you have to carry full coverage in order to satisfy the requirements of the loan. Also, if you don’t have enough money to buy a different vehicle in case of an accident, you should maintain full coverage.
Safe drivers pay less for auto insurance
One of the best ways to receive the most affordable auto insurance premiums for infrequent drivers is to be a cautious driver and avoid accidents and traffic citations. The example below highlights how traffic violations and accidents increase yearly insurance costs for different age groups. The prices are based on a single female driver, full physical damage coverage, $1,000 deductibles, and no other discounts are factored in.
The data above shows the average cost of a car insurance policy in Kentucky per year with no accidents or violations is $1,769. Get written up for one speeding ticket and the average cost rises to $2,009, an increase of $240 each year. Then throw in two accidents along with the one speeding ticket and the annual cost of auto insurance for low mileage drivers jumps again to an average of $4,242. That’s an increase of $2,473, or $206 per month, just for not driving carefully!
Why you should be shopping around
Louisville auto insurance rates are impacted by many factors that may substantially change the policy price. Simply turning a year older, becoming a homeowner, or having an accident may prompt premium changes that may make certain companies cheaper than competitors. Additionally, insurance companies change the rates they charge in Kentucky without warning to adjust for unexpected claims or profits. Higher than usual claims may cause high rates, while a lower level of claims can cause lower-cost Louisville car insurance rates.
As an example, the chart below compares the cheapest car insurance in Louisville, KY for a 45-year-old female driver with no accidents or violations, and solid credit. Based on her current risk profile, Cincinnati Insurance might quote the most affordable car insurance rates in Louisville at $1,595 a year. This is $548 less than the average rate paid by Kentucky drivers of $2,143. Kentucky Farm Bureau, USAA, Auto-Owners, and Motorists Mutual are the rest of the cheapest Louisville, KY auto insurance companies.
In the next rate comparison, we’ll give the driver from the first example some claims, slightly worse credit, and a traffic ticket or two. Because every insurance company uses their own formula for setting prices, comparing insurance quotes will most likely result in a significantly different list of the cheapest car insurance companies in Louisville as shown below.
Kentucky Farm Bureau now has the best auto insurance rate in Louisville with Travelers, USAA, Cincinnati Insurance, and State Farm now rounding out the top five. This shows why Louisville drivers need to perform an extensive rate comparison when trying to find the lowest auto insurance rates for low mileage drivers. Insurance rates are influenced by many things and change frequently, so the best option the last time you shopped around may now be quite expensive.